Pfizer Inc.
PFEFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$17.4B
Q4 2025 · -2% YoY
TTM ROIC
10.1%
FY2025 · NOPAT (Adj EBIT × (1−tax)) / Invested Capital (book) · WACC ~8.5% · Moat spread +1.5pp
Financial Snapshot
ticker: PFE step: 04 generated: 2026-05-12 source: quick-research
Pfizer Inc. (PFE) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $58.5B | $63.6B | $62.6B | -2% |
| Revenue ex-COVID (operational) | n/a | +12% | +6% | normalizing |
| Adj. Gross Margin | 71% | 74% | 75% | +1pp |
| Adj. Operating Margin | 21% | 26% | 27% | +1pp |
| Adj. Net Income | $6.8B | $11.0B | $11.5B | +5% |
| Adj. EPS | $1.84 | $3.11 | $3.20 | +3% |
| Free Cash Flow | $4.7B | $11.0B | $10.5B | -5% |
Top Products (FY2024)
| Product | FY2024 Sales | YoY |
|---|---|---|
| Eliquis | $7.3B | +9% (but IRA 2026) |
| Prevnar 20 | $6.4B | +5% |
| Vyndaqel/Vyndamax | $5.4B | +60%+ |
| Ibrance | $4.3B | -5% (CDK4/6 competition) |
| Comirnaty (COVID) | $5.4B | declining |
| Paxlovid | $5.7B | declining |
| Xtandi | $5.5B | +12% |
| Padcev (Seagen) | growing | first-line bladder |
2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Revenue | $59.5-62.5B |
| IRA Eliquis Impact | -$1B (-1.6% drag) |
| LOE Headwind (cumulative 2025-2027) | $1.5B 2025 → $4.5B 2027 |
Patent Cliff Detail
| Year | LOE Impact |
|---|---|
| 2025 | $1.5B headwind |
| 2026 | Cumulative growing |
| 2027 | $4.5B annual headwind |
| 2028 | MET097 obesity launch (potential offset) |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$12.5B |
| Capital Expenditures | ~$2.0B |
| Free Cash Flow | $10.5B |
| Cash & Investments | ~$11B |
| Total Debt | ~$60B (post-Seagen) |
| Net Debt/EBITDA | ~2.7x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~10x | EV/EBITDA: ~9x | Dividend Yield: ~6.3%
- ROIC: ~9% (pre-Metsera)
- FCF Yield: ~7%
Growth Profile
FY25 revenue $62.6B (-2%) — COVID franchise headwind continues. Ex-COVID operational +6%. Eliquis +9% in 2024 but facing IRA Medicare negotiated price in 2026 = -$1B headwind. Seagen integration progressing. Patent cliff: $21.4B of 2024 revenue at risk through 2028. Obesity gap until MET097 in 2028. Pfizer reaffirmed 2026 guidance of $59.5-62.5B.
Forward Estimates
- FY2026E Revenue: $59.5-62.5B (mgmt guide; flat to -3%)
- FY2026E Adj EPS: ~$3.20-3.30
- FY2027E EPS: ~$3.00 (LOE peak headwind)
- FY2028E EPS: ~$3.50+ (MET097 launch potential)
- 2030+ Obesity Revenue (bull case): $5-10B+
Capital Return
- Dividend $1.72 annual (~$9.7B paid) — 6.3% yield
- 15+ consecutive years of dividend growth
- Buybacks suspended for Seagen deleveraging
- Dividend coverage tight but management committed
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PFE.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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